Municipals were steady Thursday while the final large deals of the week priced in the primary. U.S. Treasuries were mostly firmer and equities were in the red ahead of the Friday payrolls data release. “The last labor market reading before the [non-farm payrolls] report provided another reminder that the labor market is still strong,” said
Bonds
Texas’ coffers will continue to overflow, with a nearly $18.3 billion balance projected at the end of the current biennium, according to a state revenue estimate released Thursday. State Comptroller Glenn Hegar said while the legislature approved $176.28 billion in general-purpose spending for the fiscal 2024-25 biennium that began Sept. 1, his office estimates revenue
Connecticut Green Bank launched its eighth sale of Green Liberty Notes, seeking up to $350,000 for a state-wide small business energy loan program. The one-year notes are on sale through October 26 on Green Bank’s online platform, offered through its subsidiary CGB Green Liberty Notes LLC. They feature a 5.25% interest rate and, with buy-in
Florida sued the Biden administration Wednesday over a dispute that threatens to hold up hundreds of millions of federal transportation infrastructure funds after the state passed a law that the government says violates collective bargaining rights. The law, Senate Bill 256, which Gov. Ron DeSantis signed into law in May, creates new restrictions and requirements
A year after the launch of Arizona’s universal school voucher program, the state is still trying to get a handle on its cost and accountability. This comes as several states enacted laws this year to help fund students at private schools or who are homeschooled, with Texas teed up to consider the move in a
Federal Reserve Bank of San Francisco President Mary Daly said policymakers can hold interest rates steady if the labor market and inflation continue to cool or financial conditions remain tight. “If we continue to see a cooling labor market and inflation heading back to our target, we can hold interest rates steady and let the
The Indiana Finance Authority is planning to sell up to $500 million of tax-exempt environmental improvement revenue bonds for a California-based company to build a facility in Gary that converts household garbage into sustainable synthetic aviation fuel. The facility, which will be owned by Fulcrum Centerpoint LLC, plans to convert about 530,000 tons per year
Peter Hayes, the iconic head of BlackRock’s municipal bond group, plans to retire during the first quarter of next year. Until his formal retirement date is set, Hayes will continue in his roles as head of the muni bond group, chief investment officer and global head of the financial institutions group’s (FIG) investment business, according
An attorney for a Puerto Rico Electric Power Authority bondholders group raised concerns Wednesday about an Oversight Board mailing to bondholders asking them to support its plan of adjustment, which would result in them getting a better deal than non-supporting bondholders. PREPA Ad Hoc Group attorney Eric Brunstad Jr. said at Wednesday’s Puerto Rico omnibus
Munis were slightly firmer in spots Wednesday with more of the focus on the primary, including a large taxable California general obligation bond sale in the competitive market, while U.S. Treasuries were better and equities ended the session up. The Investment Company Institute Wednesday reported investors pulled $2.407 billion from municipal bond mutual funds in
Universities across the U.S. welcomed students this school year with trimmed budgets and fewer program offerings, changes implemented to stay afloat as enrollment and tuition remain depressed. As the wider sector sees years-long revenue struggles that accelerated during the pandemic, West Virginia’s colleges and universities provide perhaps the most glaring example of the trends public
The abrupt ouster of House Speaker Kevin McCarthy and the battle for his former position now underway carry little direct or immediate effect on the municipal market, but participants agree that the repercussions tilt negative for everyone from issuers to investors and bankers. With the ink barely dry on Saturday’s continuing resolution to keep the
A bankrupt Arizona participant sports venue received no qualified bids by last week’s deadline, although other parties are interested in purchasing the venue as the financing to keep it operating nears its end. A filing in U.S. Bankruptcy Court in Arizona late Tuesday on behalf of Legacy Cares, the venue’s owner, said no bids that
Fitch Ratings named Anjali Sharma its global head of business and relationship management (BRM) for public finance and infrastructure, the company announced Wednesday. She replaces Managing Director Ann Flynn who retired this summer after 15 years at the company. Sharma has been a managing director and head of Europe, Middle East, and Africa (EMEA) corporates
A small city in Missouri could see its credit rating cut to junk by S&P Global Ratings because of financial woes plaguing a local ice rink backed by municipal debt. The St. Louis suburb of Maryland Heights, home to 28,000 residents, currently has a BBB-minus rating, just one rung above junk. A slew of S&P
For the second time in as many weeks, the New York Metropolitan Transportation Authority has gotten some good news. S&P Global Ratings on Tuesday raised its long-term rating and underlying rating (SPUR) on the MTA’s transportation revenue bonds (TRBs) to A-minus from BBB-plus. S&P upgraded the long-term component of its dual ratings on various MTA
Munis were weaker Tuesday, but outperformed a U.S. Treasury selloff. Equities sold off as well. Triple-A yields rose anywhere from two to eight basis points while UST saw yields rise by as much as 13 basis points out long. The two-year muni-to-Treasury ratio Tuesday was at 72%, the three-year was at 72%, the five-year at
The Securities and Exchange Commission has settled with New Orleans-based auditor Luther Speight and Company and its principal Luther Speight for violating the antifraud provisions of the Securities Act by failing to adhere to Generally Accepted Auditing Standards in connection with a Louisiana school board’s 2019 audit. Jacob Frenkel, chair of government investigations and securities
PNC Bank has hired Mark Pryce as a municipal bond underwriter as the firm looks to expand its presence in Texas. Pryce, who is based out PNC’s Dallas office and started in mid-September, has more than 20 years of municipal underwriting experience. During that time, Pryce worked on several teams of public finance professionals — including
The agency that manages Chicago’s convention center campus wades into the market this week with a deal that continues its trend of pushing off looming bond payments to manage a persistent mismatch between its revenues and its debt service schedule. The Metropolitan Pier and Exposition Authority of Illinois is set to price $56.2 million of
Bond ratings sank deeper into junk territory for financially troubled Wise Health System in Texas as it eyes closing a deal later this quarter to be acquired by a division of HCA Healthcare. S&P Global Ratings on Sept. 15 dropped its rating five notches to B-minus from BB-plus with a negative outlook due to the